The Obama administration calls it the biggest overhaul since the great depression, including a new financial services oversight council to watch over large institutions deemed too big to fail, new powers for the federal government to allow it to take over failing firms before they collapse, and a new consumer financial protection agency designed to protect consumers dealing with credit cards, and loans.
Consumer groups applauded the proposal but some lawmakers worry the expanded powers for the executive branch will be too intrusive.
Rep. John Boehner, GOP House Leader said, "We'll have the President's proposal having decide what kind of financial products are available. And I just think that the government involvement in the financial industry is going to be too big of a foot on an industry that's already having problems."
Christianne Klein with ABC News said "Although they disagree on how, both financial leaders and lawmakers agree reforms are necessary. President Obama is hoping the new regulations will be in place by the end of the year"
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